Pricing

Group	Teacher	Department	Language
	Marco Bertini	Marketing	ENG

COURSE CONTRIBUTION TO PROGRAM

INTRODUCTION

This course studies the "back end? of marketing. That is, we examine how organisations choose to earn a profit from their efforts to stand out and serve customers. It is exactly at this moment - the instant when a firm asks the market to exchange good money for the products and services it supplies - that bad habits creep in.

Indeed, prices and pricing is a topic that business people seldom talk about with much enthusiasm. Although most understand that their decisions can make or break the bottom line, they act without the aid of a carefully crafted strategy. Rather, you witness collections of tactics held together by questionable assumptions and crude heuristics that, by shunning customers and obsessing over just about everything else, put financial and brand health in jeopardy.

You will hear me stress that the right approach is part economics, part psychology - as prices invariably play different roles in a market. Mastering this blend introduces new opportunities to capture, communicate and even grow value in the eyes of customers. For this and other reasons, the course pushes well beyond the mechanics of setting a price. While pricing anything certainly involves an element of "running the numbers," there is much more to cover.

FACULTY

Marco Bertini is associate professor and department head of the marketing subject area at ESADE (Barcelona). He is also a co-founder of ESADE's Institute for Data-Driven Decisions. He completed his doctoral studies at Harvard Business School, and was previously on the faculty at the London Business School.

Marco's research, which for the most part lies at the interface of the economics and psychology of pricing decisions, appears in the leading journals for marketing science (including the Journal of Consumer Research, the Journal of Marketing, the Journal of Marketing Research and Marketing Science) and management practice (including the Harvard Business Review and the MIT Sloan Management Review). His teaching, speaking engagements and advisory work similarly focus on the challenge of designing and implementing a proper strategy to generate revenue from meaningful differentiation.

Recently, Marco was named to the Thinkers50 Radar, a shortlist of the scholars "most likely to shape the future of how organisations are managed and led.? Prior to this, he was nominated for the Business Professor of the Year Award, a global competition of the Economist Intelligence Unit, and recognised by the Marketing Science Institute in the United States as one of the most promising scholars in the field.

A native of Italy, Marco also lived in Australia, the United States, the United Kingdom and now Spain. For more information, please visit www.marcobertini.com.

CONTENT

1. A better harvest "Take what you want, God said to man, and pay for it." (Spanish proverb) Every business has to price what it sells. It is inescapable, yet also deeply misunderstood. This session explains that managers mostly characterise pricing as a dry, tactical exercise in "running the numbers." In fact, pricing decisions are as much about creativity and strategy as they are about dollars and cents. And prices educate and stimulate a market as much as they mark the value of a sale. Ultimately, the problem in organisations is often one of scope: there are multiple challenges and perspectives that must be recognised and tackled in order to improve this basic business skill. Getting all of it right can reveal unexpected opportunities to capture, communicate and even grow value in the eyes of paying customers.
2. The "ends" game "The buck stops here." (Harry Truman) Customer orientation is the defining mantra of the 21st century organisation. We have been trained to see the market from the eyes of those we serve, thinking in terms of solutions rather than products and services. Yet even the most customer-loving enterprise reverts to old habits when it comes to turning value into money it can bank -rather than taking a hard look at customers and what they need and want, we take a hard look at what we make. Given today's technologies and a growing interest in transparency and accountability, this has become a problem. The result is fascinating: albeit at different speeds, just about every industry that I can think of is heading toward a form of compensation that rewards real, tangible outcomes. The session describes this reality via several examples, providing a roadmap and straightforward advice on how to orchestrate a revenue strategy fit for the digital times we live in.
3. The price is right! "There are two fools for every market: one asks for too little, the other asks for too much." (Russian proverb) There are only four ingredients that matter when setting a price: company, cost, competitor and customer. When prompted, most business professionals cite these "4 Cs" in a matter of seconds. However, they then struggle to define each input or combine them into a proper decision. The session proposes a simple "two-finger" framework to address this problem. We draw several lessons, but two stand out. First, finding the right price implies striking a balance between looking inside and outside of the organisation for inspiration. Second, the key criterion is a solid understanding of how one's offering differs from those of competitors. Indeed, a business that cannot translate value added into dollars and cents is a business without confidence or control.
4. Asking about price "If you have to ask how much it costs, you can't afford it." (John Pierpont Morgan) The customer's perception of value is the ultimate arbiter of price. It needs to be measured carefully. Generally, managers can estimate willingness-to-pay from past or real-time market transactions (revealed preferences), or from surveys or experiments that depict hypothetical purchases (stated preferences). All else equal, the manager prefers the first approach because it is consequential - deceiving the researcher carries a cost. But reality forces trade-offs. For example, gathering information on market transactions can burn precious resources, and the data may be noisy. This session provides a critical overview of the manager's toolbox, discuss the merits of the more popular methods and acknowledge the obstacles that are likely to surface when data are translated into practical insights.
5. $$$elling value to customers "A cynic is a man who knows the price of everything and the value of nothing." (Oscar Wilde) At the heart of every sound pricing strategy lie the actions that businesses take to understand and document value to their customers. Indeed, there is truth in the statement "when the value of an offering is clearly understood by both firm and customer, price is seldom a problem." This session discusses the complications that arise when an organisation tries to sell value in a market plagued by stubborn, cynical buyers. Specifically, it preaches to "keep calm and sell value:" a five-step framework that highlights remedies and invites several conclusions. Two stand out. First, a better understanding of what value actually means to customers, and how the business can be true to its promises, gives a sense of calibration and confidence that helps fight off the pressure from clients and competitors. Second, a better process to sell value quickly improves the performance of the firm - and this improvement is enduring.
6. It takes 3 to tango (A) "There is no victory at bargain basement prices." (Dwight D. Eisenhower) How can you stop a costly price war or, better still, avoid it altogether? What does it take to become a price leader? These questions are pertinent in many markets, and the answers lie in understanding that the "fight" unfolds on three fronts. First, part of the blame certainly rests on the actions of the rival, and your task here is to influence behavior by sending unequivocal, credible and legal signals. However, price is not the weapon of choice unless there are enough customers in the market who demand it. As such, you must also mitigate customer habituation - what I call the "commodity mindset." Finally, you may be unaware or too proud to see that your actions trigger a response from the rival. This cannot persist. This double session uses different means to present these perspectives on competition and suggests ways to gain the upper hand.
7. It takes 3 to tango (B)
8. One size does not fit all "If everyone is equal before God, then everyone is equal before price." (John Wanamaker) Not all customers are created equal. Certain groups find more value in a given good than others do. A smart professional spots this and realises that pushing the same price across the market is inefficient: in some cases it leaves a good chunk of money in the pockets of customers, in other cases it prevents sales that would still be profitable at some lower price. This session explores the fascinating challenge of tailoring prices to individual valuations. One lesson is that proper price discrimination requires some input from customers - the traditional "take-it-or-leave-it" is not sufficient because it is the customer who ultimately decides whether something is cheap or expensive. Second, while there are many forms of discrimination, they fall into one of three buckets: observation, offering or mechanism. The session presents several examples to explain these labels and suggests an action plan.
9. The promotion of things "You can't put a price tag on love. But if you could, I'd wait for it to go on sale." (Jarod Kintz) Discounting is often likened to a potent, dangerous drug. Many businesses "give it a try" in response to external pressure. The immediate bump in sales gives great pleasure. However, the drop that ensues once the deal is retracted is agonising. As time goes by, the concessions get deeper and more frequent to satisfy a customer who is increasingly accustomed to - and, frankly, bored with - receiving offers. One interesting aspect is that, for the most part, the downward spiral is predictable. This begs the questions: Are organisations discounting intelligently? Is there a healthier way to entice customers without mortgaging the brand? This session provides answers and a useful checklist. First, we have to understand that ¿discounting¿ is not synonymous with "tactics." Quite the opposite, the strongest sign of a clever campaign is its ability to serve the broader objectives of the business. Second, there are steps that managers can take to ensure that their investments in price cuts are, indeed, investments. The overarching goal is to put an end to the all-too-familiar "can't live with them, can't live without them" feeling that hounds discounting.
10. The lean, mean pricing machine "A fresh start is always made with dirty laundry." (Teri Louise Kelly) What does a well-oiled pricing organisation look like? We explore three questions. First, and perhaps most important, there is the issue of structure. In particular, management needs to decide how far down the company to push responsibility, and how many different job profiles to involve in the process. Clearly, there is no "one-size-fits-all" solution. The second question is one of incentives. What is the best way to compensate those who are responsible for the "health" of the prices we actually achieve in the market? In the session, I present several possible schemes and discuss their strengths and weaknesses. Third, remember that pricing decisions exist at three levels of abstraction. At the highest point, that of the industry, the goal is to gauge the tone of a particular market: significant fluctuations in demand or supply, new regulation, changes in customer sentiment or economic well-being, changes in the competitive landscape and so on. At the product level, monetisation is focused on the goal of capturing value from customers, keeping in mind that differences in valuation are expected and should be exploited. Finally, at the transaction level the management team needs to ensure that the pricing protocol does not result in costly leaks: there needs to be a logical argument for each and every deviation from list prices.

1. A better harvest

"Take what you want, God said to man, and pay for it." (Spanish proverb)

Every business has to price what it sells. It is inescapable, yet also deeply misunderstood. This session explains that managers mostly characterise pricing as a dry, tactical exercise in "running the numbers." In fact, pricing decisions are as much about creativity and strategy as they are about dollars and cents. And prices educate and stimulate a market as much as they mark the value of a sale. Ultimately, the problem in organisations is often one of scope: there are multiple challenges and perspectives that must be recognised and tackled in order to improve this basic business skill. Getting all of it right can reveal unexpected opportunities to capture, communicate and even grow value in the eyes of paying customers.

2. The "ends" game

"The buck stops here." (Harry Truman)

Customer orientation is the defining mantra of the 21st century organisation. We have been trained to see the market from the eyes of those we serve, thinking in terms of solutions rather than products and services. Yet even the most customer-loving enterprise reverts to old habits when it comes to turning value into money it can bank -rather than taking a hard look at customers and what they need and want, we take a hard look at what we make. Given today's technologies and a growing interest in transparency and accountability, this has become a problem. The result is fascinating: albeit at different speeds, just about every industry that I can think of is heading toward a form of compensation that rewards real, tangible outcomes. The session describes this reality via several examples, providing a roadmap and straightforward advice on how to orchestrate a revenue strategy fit for the digital times we live in.

3. The price is right!

"There are two fools for every market: one asks for too little, the other asks for too much." (Russian proverb)

There are only four ingredients that matter when setting a price: company, cost, competitor and customer. When prompted, most business professionals cite these "4 Cs" in a matter of seconds. However, they then struggle to define each input or combine them into a proper decision. The session proposes a simple "two-finger" framework to address this problem. We draw several lessons, but two stand out. First, finding the right price implies striking a balance between looking inside and outside of the organisation for inspiration. Second, the key criterion is a solid understanding of how one's offering differs from those of competitors. Indeed, a business that cannot translate value added into dollars and cents is a business without confidence or control.

4. Asking about price

"If you have to ask how much it costs, you can't afford it." (John Pierpont Morgan)

The customer's perception of value is the ultimate arbiter of price. It needs to be measured carefully. Generally, managers can estimate willingness-to-pay from past or real-time market transactions (revealed preferences), or from surveys or experiments that depict hypothetical purchases (stated preferences). All else equal, the manager prefers the first approach because it is consequential - deceiving the researcher carries a cost. But reality forces trade-offs. For example, gathering information on market transactions can burn precious resources, and the data may be noisy. This session provides a critical overview of the manager's toolbox, discuss the merits of the more popular methods and acknowledge the obstacles that are likely to surface when data are translated into practical insights.

5. $$$elling value to customers

"A cynic is a man who knows the price of everything and the value of nothing." (Oscar Wilde)

At the heart of every sound pricing strategy lie the actions that businesses take to understand and document value to their customers. Indeed, there is truth in the statement "when the value of an offering is clearly understood by both firm and customer, price is seldom a problem." This session discusses the complications that arise when an organisation tries to sell value in a market plagued by stubborn, cynical buyers. Specifically, it preaches to "keep calm and sell value:" a five-step framework that highlights remedies and invites several conclusions. Two stand out. First, a better understanding of what value actually means to customers, and how the business can be true to its promises, gives a sense of calibration and confidence that helps fight off the pressure from clients and competitors. Second, a better process to sell value quickly improves the performance of the firm - and this improvement is enduring.

6. It takes 3 to tango (A)

"There is no victory at bargain basement prices." (Dwight D. Eisenhower)

How can you stop a costly price war or, better still, avoid it altogether? What does it take to become a price leader? These questions are pertinent in many markets, and the answers lie in understanding that the "fight" unfolds on three fronts. First, part of the blame certainly rests on the actions of the rival, and your task here is to influence behavior by sending unequivocal, credible and legal signals. However, price is not the weapon of choice unless there are enough customers in the market who demand it. As such, you must also mitigate customer habituation - what I call the "commodity mindset." Finally, you may be unaware or too proud to see that your actions trigger a response from the rival. This cannot persist. This double session uses different means to present these perspectives on competition and suggests ways to gain the upper hand.

7. It takes 3 to tango (B)

8. One size does not fit all

"If everyone is equal before God, then everyone is equal before price." (John Wanamaker)

Not all customers are created equal. Certain groups find more value in a given good than others do. A smart professional spots this and realises that pushing the same price across the market is inefficient: in some cases it leaves a good chunk of money in the pockets of customers, in other cases it prevents sales that would still be profitable at some lower price. This session explores the fascinating challenge of tailoring prices to individual valuations. One lesson is that proper price discrimination requires some input from customers - the traditional "take-it-or-leave-it" is not sufficient because it is the customer who ultimately decides whether something is cheap or expensive. Second, while there are many forms of discrimination, they fall into one of three buckets: observation, offering or mechanism. The session presents several examples to explain these labels and suggests an action plan.

9. The promotion of things

"You can't put a price tag on love. But if you could, I'd wait for it to go on sale." (Jarod Kintz)

Discounting is often likened to a potent, dangerous drug. Many businesses "give it a try" in response to external pressure. The immediate bump in sales gives great pleasure. However, the drop that ensues once the deal is retracted is agonising. As time goes by, the concessions get deeper and more frequent to satisfy a customer who is increasingly accustomed to - and, frankly, bored with - receiving offers. One interesting aspect is that, for the most part, the downward spiral is predictable. This begs the questions: Are organisations discounting intelligently? Is there a healthier way to entice customers without mortgaging the brand? This session provides answers and a useful checklist. First, we have to understand that ¿discounting¿ is not synonymous with "tactics." Quite the opposite, the strongest sign of a clever campaign is its ability to serve the broader objectives of the business. Second, there are steps that managers can take to ensure that their investments in price cuts are, indeed, investments. The overarching goal is to put an end to the all-too-familiar "can't live with them, can't live without them" feeling that hounds discounting.

10. The lean, mean pricing machine

"A fresh start is always made with dirty laundry." (Teri Louise Kelly)

What does a well-oiled pricing organisation look like? We explore three questions. First, and perhaps most important, there is the issue of structure. In particular, management needs to decide how far down the company to push responsibility, and how many different job profiles to involve in the process. Clearly, there is no "one-size-fits-all" solution. The second question is one of incentives. What is the best way to compensate those who are responsible for the "health" of the prices we actually achieve in the market? In the session, I present several possible schemes and discuss their strengths and weaknesses. Third, remember that pricing decisions exist at three levels of abstraction. At the highest point, that of the industry, the goal is to gauge the tone of a particular market: significant fluctuations in demand or supply, new regulation, changes in customer sentiment or economic well-being, changes in the competitive landscape and so on. At the product level, monetisation is focused on the goal of capturing value from customers, keeping in mind that differences in valuation are expected and should be exploited. Finally, at the transaction level the management team needs to ensure that the pricing protocol does not result in costly leaks: there needs to be a logical argument for each and every deviation from list prices.

Methodology

The 10 sessions comprise lectures (roughly 45% of class time), case study discussions (20%), guest speaker presentations (20%) and exercises (15%). The goal of the case discussions and exercises is to examine important concepts in different managerial settings, and to sample making decisions based on both qualitative and quantitative data. The lectures and guest speakers complement this effort by presenting frameworks, analytical techniques, practical insights and pertinent examples.

Note that there is no compulsory textbook for the course. If you are interested in buying one for general reference, I recommend Dolan and Simon (1996), Nagle and Hogan (2006) or Vohra and Krishnamurthi (2012). Please consult the references section at the end of this document for details on these and other useful resources.

You need to prepare two or three "required reading? materials ahead of each session. These materials are posted to Moodle. The items marked "***? are case studies, which require your utmost attention and dedication as they form the basis of class discussion. The syllabus also lists "suggested reading? material, which I strongly recommend that you browse at some point. I leave it to you to source any supplement according to your appetite for a given topic. Again, the references section provides the necessary information.

Active participation in the classroom is essential to your learning experience. For this reason, you must prepare thoroughly and come to class ready to contribute. As I said, the case studies are critical. Preparing a case study discussion implies being familiar with the relevant facts and formulating an intelligent response to the problem faced by the protagonist. Try to see the situation as it appeared to him or her at that point in time. The fundamental question that you are trying to answer is always the same: "What would I do given the predicament??

The required articles are also important. Some provide grounding in core concepts, but the majority are provocative pieces on topical issues. Again, you are expected to be familiar with this material ahead of each session, as it is bound to come up.

I typically post the lecture slides and guest speaker presentations to Moodle following the corresponding session.

Description	%
Class attendance and contribution	30
The Pricing Question	30
The Pricing Intervention	40

Assessment criteria

Your conduct in the course is bound by the Honour Code of ESADE. In addition, your final grade is based on a combination of individual and group work. The individual assessment, which accounts for 60% of the overall score, comprises two tasks. If you have any doubt or concern, please see me or send an email.

GENERAL EXPECTATIONS

The Honour Code of ESADE states: "I will not lie, cheat or steal to gain an academic advantage. I will respect all students, faculty and staff with my words and deeds.?

Violations of these principles include, but are not limited to, the following actions:

- Lying - Knowingly communicating an untruth in order to gain an unfair academic or employment advantage,
- Cheating - Using unauthorised materials to complete an assignment, copying the work of another person, unauthorised provision of materials or information to another person, plagiarism and so on. All communications, written, oral or otherwise among students during examinations are forbidden, as is the use of notes, books, computers, calculators or other written material except when approved by the instructor,
- Stealing - Taking the property of another member of the school community without permission, defacing or vandalising the property of ESADE or the misuse of school resources,
- Respect for others - Treating all ESADE students, staff, faculty and external contacts with politeness and cordiality, and refraining from using abusive language or physical violence.

Upon witnessing a violation of the Honour Code, a student has the moral obligation to inform the student whose conduct is questioned that the Code has been violated. Each member of the ESADE community, as a person of integrity, has a personal obligation to adhere to this requirement, both on campus and when representing ESADE off campus.

Failure to comply with the more explicit guidelines set forth by the MSc programme's rules and regulations can also be considered a breach of the Honour Code. Purported violations are handled by the MSc Programme Office, which reserves the right to exercise any disciplinary action necessary in order to uphold the standards set forth herewith or in the MSc programme's rules and regulations.

CLASS ATTENDANCE AND CONTRIBUTION (30% OF FINAL GRADE)

Attendance is expected and recorded by means of an attendance sheet. For each session, please remember to sign the attendance sheet next to your name, using only the signature that is on record with the MSc Programme Office - no initials, written names or other symbols are accepted as substitute. Students who arrive 10 minutes or later after the scheduled start of class may not be allowed to enter the lecture theatre, unless they sought (and were granted) prior permission to do so.

Critically, note the following: (1) unexcused absences always reduce your overall score on class attendance and contribution, and (2) two or more unexcused absences carry a serious consequence (for more information, refer to the syllabus).

Class contribution is much more than simply showing up and fighting for airtime. The focus will always be on the quality, not quantity of your involvement. Contributing implies moving the debate forward to boost the learning experience of everyone in the room, myself included. While good comments are rewarded, insightful comments are rewarded extra. Therefore, if you do only one thing to prepare, read the assigned materials and come to class on time and ready to voice your recommendations. I cold call from time to time, so please do not put the class in a position where you are unable to help.

If you read at least the required materials, take part in pertinent discussions, listen to others with respect and communicate your arguments convincingly, then you will not have a problem. It is fine to use laptops, tablets or other devices for reading and note taking, but their misuse (checking emails, social sites, etc.) clearly is not?and will hurt your grade. Finally, prior to one of the sessions you will be asked to complete a 15-minute survey online. This task is mandatory and counts toward your evaluation.

You are welcome to ask for more information on how I grade class attendance and contribution, or seek feedback on your performance at any time during the course. Simply approach me in class or send an email. For your information, the table below provides summary statistics on the performance of students in the past two iterations of the course. The maximum score possible is 30.

The Pricing Dilemma (30%)

The Pricing Dilemma is the second individual item of assessment. You are asked to analyse a paradox of personal interest to you. As consumers, we often come across pricing practices that surprise us or make us think. This is your chance to pick one such instance, follow up on your curiosity and investigate why a sector generally prices the way it does.

Please prepare a five-page study of the dilemma, clearly defining the question and detailing your analysis. Remember to observe the typical standards when preparing the document: size 12 Times New Roman font, double line spacing or less, etc. The page limit is strictly enforced and excludes tables, figures and references.

Note that your report must involve three specific considerations: costs, competition and consumer behaviour. I will talk much more about the assignment when we first meet, send tips via email and post the grading template and several sample reports on Moodle. It is important that you study and consider the grading template, as I follow the criteria laid out therein religiously when judging your work. For your information, the following table provides summary statistics on the performance of students in the past two iterations of the course. The maximum score possible is 30.

There are two deadlines to keep in mind. First, you need to email a brief outline of the proposed dilemma. This is an official requirement, and I will reply speedily to confirm the topic and approach or asking for clarifications. Second, you need to post the report itself to Moodle using the corresponding TurnItIn dropbox.

Beware that late submissions of the report are penalised at the rate of 20% of the average class score per day. A TurnItIn similarity index of 40% or greater overall, or 15% or greater from a single source, will be flagged and reviewed for possible plagiaris. Failing to complete the assignment triggers an incomplete mark for the course.

THE PRICING AUDIT (40%)

The Pricing Audit is a group project. It provides an opportunity for you to evaluate the pricing performance of a firm or business unit in a setting of your own choosing, and make thoughtful recommendations. Groups are composed of five students. You need to select a target company and examine its overall pricing policy or, alternatively, one significant pricing decision made in the recent past or under current consideration. Students need not obtain inside access to the company, although this is highly encouraged and very much appreciated. Pricing matters are often very sensitive, so direct managerial insight typically enriches the analysis.

I will provide more details of this assignment early in the course. Please also refer to the grading template posted to Moodle, as I will follow these criteria religiously when evaluating your work. For now, please keep in mind that there are two requirements: a one-page outline and the report itself. The former should list the group members, targeted company and a short description of what you plan to do. The final document must be posted to Moodle using the corresponding TurnItIn dropbox.

Your score is subject to peer evaluation, following the procedure laid out by the MSc Programme Office. Peer evaluation can affect the group score by +/- 20%. Late submissions of the report are penalised at the rate of 20% of the average class score per day. A TurnItIn similarity index of 40% or greater overall, or 15% or greater from a single source, will be flagged and reviewed for possible plagiaris. Failing to complete the assignment triggers an incomplete mark for the course.

Allow me to make two further observations at this point. First, you are expected to show mastery of the literature (note that a references section is required). This implies reading well beyond the materials assigned for class. A good starting point is the comprehensive bibliography at the end of this syllabus. Second, there is no fixed word or page limit. I leave this decision up to your judgment, but keep in mind that I will penalise reports that I think are too short (not enough information to make a compelling argument) or too long (too much information that is irrelevant or redundant). The point of the exercise is not to write or edit until you meet some arbitrary constraint. Rather, I am looking for a thorough, convincing analysis that is presented clearly and concisely.

Bibliography

Required and suggested reading

Anderson, E. and D. Simester (2003), "Mind Your Pricing Cues,? Harvard Business Review, 81(9), 96-103.
Anderson, E. and D. Simester (2011), "A Step-by-Step Guide to Smart Business Experiments,? Harvard Business Review, 89(3), 98-105.
Anderson, J.C., J.A. Narus, and M. Wouters (2014), "Tiebreaker Selling: How Nonstrategic Suppliers Can Help Customers Solve Important Problems,? Harvard Business Review, 92(3), 90-6.
Anderson, J.C., J.A. Narus, and W. van Rossum (2006), "Customer Value Propositions in Business Markets,? Harvard Business Review, 84(3), 90-9.
Anderson, J.C., M. Wouters, and W. van Rossum (2010), "Why the Highest Price Isn't the Best Price,? MIT Sloan Management Review, 57(2), 69-76.
BenMark, G., S. Klapdor, M. Kullmann, and R. Sundararajan (2017), "How Retailers Can Drive Profitable Growth through Dynamic Pricing,? McKinsey Marketing and Sales.
Bertini, M. (2014), "Price Wars and the Managers Who Start Them,? Business Strategy Review, 25(4), 52-5.
Bertini, M. and J.T. Gourville (2012), "Pricing to Create Shared Value,? Harvard Business Review, 90(6), 96-104.
Bertini, M. and L. Wathieu (2010), "How to Stop Customers from Fixating on Price,? Harvard Business Review, 88(5), 84-91.
Bertini, M. and N. Tavassoli (2015), "Can One Business Model Have Two Revenue Models?? Harvard Business Review, 93(3), 121-5.
Bertini, M. and O. Koenigsberg (2014), "When Customers Help Set Prices,? MIT Sloan Management Review, 55(4), 57-64.
Bosker, B., "Why Should a Melon Cost As Much As a Car?? Roads & Kingdoms, 17 May 2017.
Bryce, D.J., J.H. Dyer, and N.W. Hatch (2011), "Competing Against Free,? Harvard Business Review, 89(6), 104-11.
Dolan, R.J. (1995), "How Do You Know When the Price Is Right?? Harvard Business Review, 73(5), 174-83.
Gagliardi, C. and D. Lancefield (2016), "What to Know Before You Sign a Payment-by-Results Contract,? Harvard Business Review, web article.
Gourville, J.T. and D. Soman (2002), "Pricing and the Psychology of Consumption,? Harvard Business Review, 80(9), 90-6.
Gourville, J.T. and M. Bertini (2010), "The London 2012 Olympic Games,? Harvard Business School, case study 9-510-039.
Gourville, J.T. and M. Bertini (2011), "Barceló Hotels and Resorts (A),? Harvard Business School, case study 9-511-108.
Gupta, S. and C.F. Mela (2008), "What Is a Free Customer Worth?? Harvard Business Review, 86(11), 102-9.
Ham, T. and M. Bertini (2013), "The Right Price, at the Right Moment, to the Right Customer,? Business Strategy Review, 23(2), 49-53.
Hamilton, R.W., J. Srivastava, and A.T. Abraham (2010), "When Should You Nickel-and-Dine Your Customers?? MIT Sloan Management Review, 52(1), 59-67.
Hinterhuber, A. and M. Bertini (2011), "Profiting When Customers Choose Value over Price,? Business Strategy Review, 22(1), 46-9.
Horst, P. and R. Duboff (2015), "Don't Let Big Data Bury Your Brand,? Harvard Business Review, 93(11), 78-86.
Irwin, N., "Why Surge Prices Make Us So Mad: What Springsteen, Home Depot, and a Nobel Winner Know,? The New York Times, 14 October 2017.
Kashani, K. and A. DuBrule (2009), "Value Selling at SKF Service (A): Tough Buyer Confronts Strategy,? Institute for Management Development, case study IMD-5-0751.
Kiewell, D. and E.V. Roegner (2002), "The CFO Guide to Better Pricing,? McKinsey on Finance, 5, 16-20.
Kohavi, R. and S. Thomke (2017), "The Surprising Power of Online Experiments,? Harvard Business Review, 95(5), 74-82.
Kumar, V. (2014), "Making ?Freemium' Work,? Harvard Business Review, 92(5), 27-9.
Langkamp, D., J. Schürmann, T. Schollmeyer, R. Kilian, A. Petzke, J. Pineda, and J.M. Izaret (2017), "How the Internet of Things Will Change the Pricing of Things,? BCG Perspectives.
Loch, C.H., F.J. Sting, A. Huchzermeier, and C. Decker (2012), "Finding the Profit in Fairness,? Harvard Business Review, 90(9), 111-5.
Lodish, L.M. and C.F. Mela (2007), "If Brands Are Built over Years, Why Are They Managed over Quarters?? Harvard Business Review, 85(7-8), 104-12.
Marn, M.V., E.V. Roegner, and C.C. Zawada (2003), "The Power of Pricing,? McKinsey Quarterly, 1, 26-36.
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Type:	OP	Curs:	1	Period:	S semester
ECTS Credits:	3 ECTS

Pricing (CK25853)

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